The bank's seven-member board said in a statement it voted
to maintain the lending rate at 4.5 percent as the economy
adapts to slowing consumption and a decline in exports.

"The Colombian economy is adjusting in an appropriate way to
new conditions in the global economy and I would class it as a
positive evaluation," bank chief Jose Dario Uribe told reporters
after announcing the lending rate.

The decision met the forecast of all analysts in a Reuters
survey this week.

The decline in internal demand and exports would be somewhat
offset by a weaker peso and heavy investment in infrastructure,
the central bank said in its statement.

"We do not note any change in the board's tone or its
arguments for keeping interest rates steady," Citibank said in a
note to investors. "Despite a new inflation surprise, the board
showed no signs of considering a preemptive hike."

The weaker peso, which makes imports more expensive, was a
minor driver in higher inflation in April, the bank said, with
higher food prices the key factor.
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